Wynn Resorts Q1 Earnings & Revenues Miss Estimates, Decline Y/Y

Core Viewpoint - Wynn Resorts, Limited reported first-quarter 2025 results with earnings and revenues missing the Zacks Consensus Estimate, showing a year-over-year decline in both metrics [1][3][20]. Financial Performance - Adjusted earnings per share (EPS) for the quarter were $1.07, missing the consensus estimate of$ 1.22 by 12.3%, down from $1.59 in the prior-year quarter [3]. - Quarterly operating revenues totaled$ 1.7 billion, missing the consensus mark of $1.73 billion by 1.5%, and fell 8.7% year-over-year [3]. - Adjusted property EBITDAR was$ 532.9 million, compared to $646.5 million in the prior-year quarter [15]. Segment Performance - Wynn Palace's operating revenues were$ 535.9 million, down from $586.9 million in the prior-year quarter, with casino revenues declining 6.2% to$ 444.5 million [4]. - Wynn Macau's operating revenues amounted to $329.9 million, down from$ 411.7 million, with casino revenues decreasing 20.4% to $275.6 million [7]. - Las Vegas operations generated$ 625.3 million in revenues, slightly down from $636.5 million, with casino revenues increasing 19.1% to$ 161 million [11]. - Encore Boston Harbor's operating revenues were $209.2 million, compared to$ 217.8 million in the prior-year quarter, with casino revenues falling 4.1% to $159.4 million [13]. Operational Metrics - Revenue per available room (RevPAR) declined 34.5% year-over-year to$ 218, with an occupancy rate of 98.3% [6]. - In the VIP segment, table games turnover was $4 billion, up 2.1% year-over-year, but the win rate decreased to 2.61% from 3.3% [5]. - Table drop in the mass market segment was$ 1.7 billion, down from $1.78 billion in the prior-year quarter [5]. Cash Position - As of March 31, 2025, cash and cash equivalents totaled$ 2.07 billion, down from $2.43 billion in the previous quarter, with total outstanding debt at$ 10.55 billion [17].